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Geoffrey M. Hodgson

Is There a Future for Heterodox Economics? 2.    What is heterodox economics? Furthermore, although we can delineate very easily homo sapiens from, say, panthera leo (lion) because they do not breed, it is harder to delineate economicus orthodoxus from economicus heterodoxus Andrew Mearman (2012) The aim of this chapter is not to appraise particular heterodox theories, but to address the meaning of heterodox economics and its current viability (or otherwise) as an organizing label. As several prominent exponents of heterodoxy have

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Nuno Ornelas Martins

11  Critical realism, econometrics, and heterodox economics Nuno Ornelas Martins 11.1  INTRODUCTION Econometrics, understood as the measurement of quantities relevant to economic analysis, has a long tradition in economics, which goes back at least to the authors that Joseph Schumpeter (1954 [1994], pp. 209–43) called the early ‘econometricians’, such as William Petty, Richard Cantillon, and François Quesnay. However, the approach adopted by those authors, who were the initiators of classical political economy, is very different from that of the contemporary

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Geoffrey M. Hodgson

Is There a Future for Heterodox Economics? 5.    Heterodox economics as a scientific community The innovating theoretician needs a ruthless self-belief. He must overturn the intellectual dwelling-places of hundreds of people, whose first instinct will be resistance and revenge. Yet reconstruction must inevitably use much of the old material. Piety is not only honourable, it is indispensable. Invention is helpless without tradition. George L.S. Shackle (1967) Heterodox economists have been working hard to improve economics for several decades

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Marc Lavoie

1 INTRODUCTION In 2017 Geoffrey Hodgson presented a paper titled ‘The pathology of heterodox economics and the limits to pluralism’. 1 This exploration into the sustainability of heterodox economics has been extended into the format of a book, with a less provocative title: Is There a Future for Heterodox Economics? ( Hodgson 2019a ). I believe that the book has to be taken seriously, if only because it contains nearly 50 pages of references to heterodox and methodology works, but also because the future of the various schools of thought that compose heterodox

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Edited by Frederic S. Lee and Bruce Cronin

Despite the important critiques of the mainstream offered by heterodox economics, the dominant method remains econometrics. This major new Handbook provides an invaluable introduction to a range of alternative research methods better suited for analysing the social data prominent in heterodox research projects, including survey, historical, ethnographic, experimental, and mixed approaches, together with factor, cluster, complex, and social network analytics. Introductions to each method are complemented by descriptions of applications in practice.
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Tara Natarajan

1 INTRODUCTION Economic education is about helping students understand the nature of their world , and that their world is not an alien unalterable system; rather, their world is a social construct, the form of which is the outcome of competing distributional objectives. ( Underwood 2013 , p. 12, emphasis in the original) This article explores the importance of integrating heterodox economics in undergraduate economic education and suggests taking an approach that is non-divisive and programmatically integrative. The author demonstrates that in order to embed

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Sheila Dow

2. Heterodox economics: a common challenge to mainstream economics? Sheila Dow 2.1. INTRODUCTION Heterodox economics has been going through a period of change. The most noticeable change has been the drawing together of heterodox economists using different approaches into the larger category of ‘heterodox economics’. This has had a series of positive outcomes: notably a growing confidence in heterodox economics, and an increasing interchange of ideas among those taking different heterodox approaches. The increasing duality that this has created, between orthodox

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Is There a Future for Heterodox Economics?

Institutions, Ideology and a Scientific Community

Geoffrey M. Hodgson

Over the last 50 years, the community of heterodox economists has expanded, and its publications have proliferated. But its power in departments of economics has waned. Addressing this paradox, this book argues that heterodox economists are defined more by left ideology than by a shared understanding of the nature of orthodox economics and of what should replace it. Heterodox economists cannot agree on what heterodoxy means. This volume applies work on the social nature and institutions of science to help explain the failure of heterodox economics to gain ground. It assesses some strategic options for its future.
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Frederic S. Lee

14  Modeling as a research method in heterodox economics* Frederic S. Lee 14.1  INTRODUCTION Heterodox economists are divided into three camps regarding modeling and its significance for theorizing. One position argues that theorizing without modeling is the only way to proceed since models are viewed as mathematically overly complex and have no relationship to the real world. A second position is that the use of complex mathematical models that have little grounding in the real world but are based on heterodox economic theory (which may or may not have

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Marc Lavoie

1.  Essentials of heterodox and post- eynesian K economics* 1.1  THE NEED FOR AN ALTERNATIVE 1.1.1  The Global Financial Crisis The Global Financial Crisis has been a wake- p call for economists. The alarm should u have rung much earlier, when Japan and then East Asia were struck by a huge financial crisis in the 1990s, but few economists in the Western world paid much attention to the difficulties of these far- lung countries. The Global Financial Crisis is sometimes said to f have begun in the summer of 2006, when real- state prices in the USA stopped rising